Pulling SEC filings + quote and writing the call…

Whitestone REIT
Next earnings Jul 28, 2026 · consensus $0.22 EPS, $40.9M rev
Last earnings +1.3% on 2026-02-25
Steady Sun Belt strip-center REIT with improving earnings and a fortress tenant base, but leverage and thin cash keep it a hold near $19.
Sources: SEC EDGAR (CIK 0001175535, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/25/2026, 2:26:27 PM.
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Middling fundamentals offset by an attractive price (~90% below fair value) — worth a look on the value angle.
Whitestone is a focused, internally-managed Sun Belt strip-center REIT (51 community-centered properties, 4.9M sq ft, 1,458 tenants) with a genuinely diversified rent roll — the MD&A discloses the largest tenant is only 2.1% of revenue, which materially de-risks the cash flow. The fundamentals are quietly compounding: revenue has grown every year from $125M in FY2021 to $161M in FY2025 (+4.3% YoY), net income jumped 35% to $49.9M, and diluted EPS reached $0.95 (+31.9%). Net margin of 31% and 10.9% ROE are solid for a small-cap retail REIT, and 2025 leasing activity was healthy — 272 new/renewal leases at $112.5M of lease value.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $125M | $139M | $147M | $154M | $161M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $12.0M | $35.3M | $19.2M | $36.9M | $49.9M |
| Diluted EPS | $0.26 | $0.71 | $0.38 | $0.72 | $0.95 |
| Net margin | 9.6% | 25.3% | 13.1% | 23.9% | 31.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Q1 2026 10-Q filed; continuing operations under FY2025 momentum
Filed 10-K/A amendment to FY2025 annual report (typically Part III proxy info)
Entered material agreement with bylaw amendment; likely strategic/governance action
FY2025 10-K: revenue +4.3%, NI +35%, World Cup Plaza acquired, 56 properties
Q4/FY2025 earnings release: revenue $161M, NI $49.9M (+35% YoY), EPS $0.95
Announced $33.4M Pillarstone settlement receipt under Bankruptcy Court approval
Reg FD disclosure / corporate update via investor materials
Q3 2025 10-Q filed showing continued rental income growth
Q3 2025 earnings release furnished
1049 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
| 2026-04-01 | Holeman David K Chief Executive Officer | Award | 24.0K | |
| 2026-04-01 | Hogan John Scott Chief Financial Officer | Award | 14.0K | |
| 2026-04-01 | Mastandrea Christine J President and COO | Award | 18.5K | |
| 2026-04-01 | TROPOLI PETER General Counsel & Secretary | Award | 13.4K | |
| 2026-04-01 | Siv Soklin VP of Human Resources | Award | 7.00K | |
| 2026-01-02 | Holeman David K Chief Executive Officer | Award | 87.6K | |
| 2026-01-02 | Holeman David K Chief Executive Officer | Tax | 35.1K @ $13.89 | $487K |
| 2026-01-02 | Mastandrea Christine J President and COO | Award | 52.0K | |
| 2026-01-02 | Hogan John Scott Chief Financial Officer | Award | 38.3K | |
| 2026-01-02 | Hogan John Scott Chief Financial Officer | Tax | 15.5K @ $13.89 | $216K |